Tech

African B2B e-commerce giants, Wasoko, MaxAB announce merger

Published

1 year ago

December 23, 2023

Two of Africa’s most prominent B2B e-commerce giants, Kenya’s Wasoko and Egypt’s MaxAB, have announced a preliminary merger that will see them come together as one entity to drive the transformation of the informal retail sector in the continent.

The preliminary merger agreement, according to MaxAB CEO, Belal El-Megharbel, is a crucial first step in the process that will allow the two startups iron out the details and determine whether or not they are a good fit.

El-Megharbel, in a statement on Friday, said the agreement was non-binding and only serves as a blueprint for the final merger agreement.

“It has not yet been announced what that new entity will be called, or whether the merger of equals is a 50/50 share split or otherwise,” El-Megharbel said.

“This merger is the culmination of developing excellent teams, a lot of hard work over the years and a commitment to innovative solutions adding up to our unique offering to retailers.

“I am proud of what we have achieved as MaxAB, and even more excited for our future together with Wasoko. As a combined company, we can truly unlock the potential of Africa’s informal retail sector across a variety of technology-enabled services in e-commerce, fintech and logistics.

“As we embark on this new chapter, I am confident that the natural synergies between us will empower our customers and partners across the continent”, he added.

Also speaking on the deal, Daniel Yu, Wasoko’s CEO, said:

“As we embark on our next stage of expansion, our merger with MaxAB underscores our commitment to empowering businesses and connecting consumers across all parts of the African continent with an affordable and diverse range of essential products.

“When I launched Wasoko in Kenya in 2016, it was with the promise of becoming a truly pan-African company, and this merger is the boldest step we’ve taken towards realising that goal while reflecting my personal history developing the initial concept behind Wasoko during my time spent in Egypt over a decade ago.

“We are excited to go further together on our shared vision, bolstered by complementary strengths while building the foundation for a remarkable partnership”.

Wasako, which was previously known as Sokowatch, had, in March 2022, closed a $125 million Series B equity round that enabled retailers to restock products for their businesses at any time via mobile app with free same-day delivery.

It is accessible across Kenya, Tanzania, Rwanda, Uganda, Zambia and the Democratic Republic of Congo (DRC).

On the other hand, MaxAB, which was founded in 2018, also closed its own $40 million pre-Series B equity round in October 2022, which allowed local underserved merchants and mom-and-pop shops in Egypt and Morocco to grow, increase their revenues, and enhance their own quality of life.

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Tech

20 African tech-preneurs embark on Korean innovation tour

Published

21 hours ago

December 22, 2024

Isaac Dachen

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures and enterprise support organisations to embark on a two-week study tour of the Republic of Korea, with the aim of seeking investment and insights from the country’s innovative tech ecosystem.

The selected entrepreneurs are from 133 ventures that participated in last month’s Africa Tech Startup Forum.

The forum which will hold under the auspices of the lab’s “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support” project, had selected entrepreneurs who pitched the best business models during the week-long virtual market access and acceleration programme preparing, training, and connecting technology ventures with opportunities.

The 20 young tech-preneurs were selected from eight African countries including Nigeria, Egypt, Ghana, Kenya, Morocco, Rwanda, South Africa, and Uganda, with the delegates spanning various sectors in the technology space.

While in Korea, the African delegates will pay visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, and the Global Digital Innovation Network.

Speaking on behalf of the delegates, founder of Kenya-based health technology venture Zuri Health, Uche Ezadinachi said:

“I am excited to go to Korea because the country has made serious technological developments. The country is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” he added.

Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

4 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.